Legal AI tech firm LegalOn announced on Thursday a successful Series E funding round in which it raised $50 million. LegalOn expects to use all the raised money to scale development of its AI products, which are focused on reducing inefficiencies in legal contracting, as per an official press release. This update comes after an earlier announcement made this month in LegalOn stated it had upgraded its suite of AI tools.
This funding round was led by the Goldman Sachs Alternatives Growth Equity segment, along with support from World Innovation Lab, Mori Hamada, Mizuho Bank, and Shoko Chuhin.
“Legal teams are buried in time-consuming work that slows them and their businesses down…This funding helps us build and scale AI that eliminates tedious contracting work, streamlining workflows and freeing people to think, decide and lead,” said LegalOn CEO Daniel Lewis.
Primarily based in Japan, the company claims to also have a presence in the U.S. and U.K. where its business has supposedly quadrupled, supporting 7,000+ customers, representing a 40% year-on-year growth.
One of LegalOn’s key products is Review, a contract review tool that helps to identify contract risks, suggesting revisions based on its observations, ideally reducing review duration by 85% and mitigating inefficiencies typically associated with legal contracting.